2021 Senate Bill 146

Give tax breaks to some home buyers

Introduced in the Senate

Feb. 18, 2021

Introduced by Sen. Jim Runestad (R-15)

To exempt from state income tax up to $5,000, and $10,000 on joint returns, that is deposited in a specialty savings account the bill would authorize for individuals who have not bought or owned a Michigan home in the past three years (dubbed by the bill a "first time home buyer"). Up to $50,000 could be exempted from state income tax liability by an account owner over time. A version of this proposal was vetoed by Gov. Rick Snyder in 2018.

Referred to the Committee on Finance

March 25, 2021

Reported without amendment

With the recommendation that the bill pass.

April 22, 2021

Amendment offered by Sen. Betty Alexander (D-5)

To require future legislature to transfer money each year from the state general fund to the school aid fund to compensate the loss of revenue the bill would cause (up to $20 million annually according the Senate Fiscal).

The amendment failed 14 to 20 (details)

Passed in the Senate 29 to 5 (details)

Received in the House

April 22, 2021

Referred to the Committee on Tax Policy

Oct. 13, 2021

Reported without amendment

With the recommendation that the substitute (H-1) be adopted and that the bill then pass.

Jan. 27, 2022

Referred to the Committee on Tax Policy